Goodbye Guggenheim Aviation Partners, hello Altavair

New York-based investment house Guggenheim Partners today finalized the sale of its commercial aircraft investment and management business, Guggenheim Aviation Partners (GAP), to the GAP management team.

The new standalone company, under the continuing leadership of CEO Steve Rimmer, will operate under the name Altavair, offering commercial aircraft leasing, financing, and management.

Altavair’s portfolio of fifty-five aircraft includes just three freighters, but this understates the company’s long-standing involvement with freighter aircraft. Unlike lessors that acquire aircraft and hold them for the long term, GAP, at least in the freighter market, was opportunistic, often acquiring freighters, leasing them out, and then selling them with the leases attached.

The three freighters currently in the Altavair portfolio are the A330-200F shown in the photo above, and two 777Fs, one leased to Korean Air and a second about to be delivered to Korean. In addition, Altavair will acquire four 747-400ERFs (two in 4Q16, two in 3Q17) from Korean.